If you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for 3 tips about how to price your inherited home in Cincinnati for sale…
Did you inherit a property that you’re now thinking about selling? While an inherited property can be a wonderful gift from a loved one who has passed on, it can also (quite frankly) be a costly burden and an emotional headache.
I watched this process happen first hand with my grandparents home. It was a wonderful home filled with all kinds of great memories. The biggest problem? It was 300 miles away from where my family currently lived and in a small town that has been dying for the past 30 years.
Selling an inherited property may make a lot of sense and give you a boost financially. However, it might not be as easy as you think, especially if you haven’t sold a property in a while. One of the biggest areas you need to get right in order to sell your Cincinnati or Northern Kentucky inherited home is the pricing. Many people will simply do a quick Zillow search to get the Zestimate. However, this number is rarely accurate. And if you price the home wrong when you first go active, you may miss out on a quick and easy sale.
Here are three tips to get the pricing right for when you are ready to sell your inherited house.
Tip #1: Price Quick To Sell
Some people price their inherited property at an amount they think the market might pay for the house. However, there are many factors that go into this price and one of the biggest considerations is: how fast do you want to sell? Selling through an agent “on the market” can take weeks to months, and you’ll have to pay for the house and maintain the property the entire time. It’s possible that the agent may give you good advice to get more for the property, but don’t forget to account for costs of holding the property longer.
Many property owners quickly learn that they’re almost better off to price slightly lower for a faster sale. You might get less for the house but you also pay less on repairs, carrying costs, effort, and time, so it might ultimately a trade-off that might turn out to be a total wash. Run the numbers either way. Decide what you are willing to take for the property. Talk to all parties that are important in the decision making process and price the home accordingly.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
This is a tough one.
One of the biggest challenges that property owners of inherited property face when trying to price their property for sale is separating the happy memories from the true value of the house. I constantly work with sellers throughout Cincinnati and Northern Kentucky who have great memories and emotional attachment to the house. Unfortunately, this clouds their understanding of what the true value of the home actually is. It’s better to work with an agent or real estate specialist who can show you comps of recent sales and have a frank conversation with you about the property’s condition.
A better approach would be to work with a real estate company and find out what they can offer you, and recognize that the price might be lower than you were expecting, not because the house isn’t worth as much but because your wonderful memories have accidentally inflated the price!
Tip #3: Build In Discounts For Repairs
If you inherited the property from a loved one who had lived in the property for many years then you might find out that the property needs some repairs. This is almost always the case. You could choose to do the work yourself and then ask for a higher price but why do that when you could save yourself the time and effort (and what you’d have to pay for equipment, supplies, or a contractor) and instead just ask for less and give a “repair discount”. That way you avoid the hassle of the work, and you still come out the same financially.
An inherited house in Cincinnati can be a lot of work so if you’re thinking of selling it, you’re certainly not alone. But how do you price an inherited house? These tips will guide you on how to price your inherited home in Cincinnati for sale.
We buy houses all over Cincinnati and Northern Kentucky. We are licensed real estate agents in OH & KY and will come out and give you a fair evaluation for the house. If you want to sell the house for cash, we’ll give you a fair offer. If you want to list the house on the MLS, we will help you get the most for it. Give us a call today, and we can talk through your options.